17 May 2015

Interest Rates Rising in Tooele UT

Rising Interest Rates Tooele UT


Mortgage Rates Rising This Year - Important Information For Tooele UT Real Estate Consumers

Mortgage rates have increased from the start of 2015. According to industry professionals, it will likely do so further during 2015. This is important information for those who intend to find a property this year. Mortgage rates rising this year and important information for Tooele UT real estate consumers is discussed further below.

Impact of Mortgage Rates Rising This Year

Mortgage rates are specifically related to monthly mortgage cost. An increase in mortgage rates can reduce your approval amount or make the mortgage payment higher for the same house. A shift of even a quarter percent can create a difference. If you are searching for a house at the high end of the range, a little change could really affect you.

Below is an example of how purchase price maxes can move with mortgage rates. This assumes a set down payment percentage and retaining the same monthly payment.

Mortgage RateMax Price
4.00%$393,552
4.25%$381,932
4.50%$370,817
4.75%$360,181
5.00%$350,000
5.25%$340,250
5.50%$330,911
5.75%$321,961
6.00%$313,381

Other Market Conditions to Consider

In addition to mortgage rates, movement in property prices can also make a significant difference. In most areas, house prices have increased consistently for at least a year now. Many areas are seeing bidding wars and offer prices beyond list. A lot of this was created by fewer homes for sale than usual.

Important Information For Tooele UT Real Estate Consumers When Deciding Buying Now or Later

Increasing mortgage rates and real estate prices both have a negative impact on buyers. Buyers will find that they may afford a lower and lower price as time passes. The condition of properties at a particular price point will downgrade as well. All things considered, it is better to act now rather than wait.

About The Spring Housing Market

Spring is normally the most active time of year for real estate. There should be more listings to satisfy the pent up demand, but competition will be fierce too. People choosing to buy will take advantage of still reasonably low mortgage rates. Additional increases in house values will provide an opportunity to build equity in a shorter amount of time than usual.

Need help understanding rising interest rates in Tooele? Give me or Berna a call; 435-840-5020. We know the best lenders and the best loans.

 
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